Marathon Digital, Coinbase Lead Bounce for Crypto-Related Stocks
Modest gains across cryptocurrencies were enough to jump start a rally in the beaten-down shares.
Jan 4, 2023 at 9:43 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PHPECKRVDZGKNOFVGABKJ6XE2I.jpg)
(Will Ess for Pixelmind.ai/CoinDesk)
After a disastrous 2022 in which 80%-90% declines were the norm, many cryptocurrency-related stocks are in the green early in 2023 after big advances on Wednesday.
The largest gainer among the major names was bitcoin miner Marathon Digital (MARA), which rose 24% today. Among other miners, the rebranded Riot Platforms (RIOT) – which began the year by exorcising the term "blockchain" from its name – was higher by 15%.
Crypto exchange Coinbase (COIN) gained 12.2%, helped by the general rally and by removing a regulatory overhang with an agreement to pay a $50 million fine to the New York Department of Financial Services.
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